INSL4

INSL4

A gene on chromosome 9p24 that encodes insulin-like 4 protein, a member of the insulin superfamily, which may play an important role in trophoblast development and in regulating bone formation. It is expressed in placenta, uterus and in foetal perichondrium.

Molecular pathologyINSL4 is highly expressed in early placentas and molar pregnancies, and is reduced in choriocarcinoma.

25% Senior Notes, might take in response to Elan's continued failure to complete its audited consolidated financial statements and to file with the SEC its 2002 Annual Report on Form 20-F, including the acceleration of that indebtedness; the ability of Elan to obtain, if necessary, waivers or extensions thereof from the holders of the EPIL II notes, the EPIL III notes or the 7.

Among the factors that could cause actual results to differ materially from those described herein are the following: the ability of Elan to complete its audited consolidate financial statements and to file with the SEC its 2002 Annual Report on Form 20-F on or prior to the expiration of the waivers obtained from the EPIL noteholders; the actions that the holders of Elan's outstanding indebtedness, including its 7.

As previously announced, the Office of Chief Accountant and the Division of Corporation Finance of the Securities and Exchange Commission (the "SEC") have questioned Elan's historic accounting for EPIL III and for a related transaction.

The delay in filing the 2002 Form 20-F may cause a technical default under certain of Elan's debt covenants that require it to provide audited consolidated financial statements to the holders of the EPIL II and EPIL III notes and Elan's 7 1/4% Senior Notes.

In addition, Elan has guaranteed the debts of two Qualifying Special Purpose Entities ("QSPE's"), which are not consolidated, EPIL II and EPIL III, to the extent that the investments held by them are insufficient to repay the debt when it falls due in 2004 and 2005, respectively.

In addition, Elan has guaranteed the debts of two Qualifying Special Purpose Entities ("QSPE's"), EPIL II and EPIL III, to the extent that the investments held by them are insufficient to repay the debt when it falls due in 2004 and 2005, respectively.

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